Vietnam OKs National Energy Development Strategy by 2020

The government of Vietnam has turned the green light to the national energy development strategy by 2025, toward 2050, which sets target for oil production to fuel the nation’s fast-growing economy, state media reported.

 

Vietnam aims to produce between 47.5 million and 49.5 million tons of oil equivalent (TOE) by 2010, the strategy said.

 

The country will strive to raise the volume of oil equivalent to between 100 million and 110 million by 2020, and between 310 million and 320 million by 2050.

 

Development plans for particular sectors including electricity, oil and gas, new and renewable energy; policies on national energy security, prices; incentives for new energy development; efficient energy use and environmental protection are also mentioned in the strategy.

 

Vietnam produced 22.73 million tons of oil equivalent from 15.91 million metric tons of crude oil and 6.82 billion cubic meters of natural gas in 2007, state-owned oil monopoly PetroVietnam group.

 

The country is guesstimated to have a reserve of over four billion cubic meters of oil equivalent.

 

It is forecast to consume nearly 70 million tons of oil equivalent by 2015. (The People, VNA)